Gold Edges Closer to $1,800 as Virus Cases Surpass 10 Million
Monday, 29 June 2020 09:31 WIB | PRECIOUS METALS |GOLDEMAS

Gold futures edged closer toward $1,800 an ounce -- a level last seen at the end of 2011 -- as demand for haven assets surged amid concerns over rising coronavirus infections.

Bullion is heading for its best quarter since 2016 as deaths surpassed 500,000 worldwide and confirmed cases exceeded 10 million, according to Johns Hopkins University data. The increasing numbers are a chilling reminder that the deadliest pandemic of the modern era is stronger than ever.

The precious metal has rallied 17% this year as governments and central banks implemented stimulus measures to aid economies battered by the pandemic. Investors are increasingly turning to gold as a store of wealth, and banks including Goldman Sachs Group Inc. now forecast it™ll hit a record $2,000 an ounce in 12 months.

Gold futures rose as much as 0.6% to $1,790.40 an ounce on the Comex, and traded at $1,784.50 at 9:46 a.m. in Singapore. Futures -- which touched a record $1,923.70 in September 2011 -- climbed to within $5 of $1,800 last week.

Source : Bloomberg

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